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exports, and state and local government spending, and a between March 28 and June 27, though this is expected
downturn in federal government spending. These movements to ease in the second half of the year. This has led some
were partly offset by an acceleration in residential fixed within the industry to reestablish surcharges on internationally
investment. Imports accelerated. sourced goods.

Sales at furniture and home furnishings stores were down On a more positive note, in June 2024, the federal government
0.1 percent in May 2024 from April 2024 on a seasonally- indicated the possibility for one 0.25 percent cut by the end
adjusted basis, and down 6.8 percent from May 2023. of the year, with the potential for up to four additional 0.25
Overall, there were minimal changes in the economic percent cuts in 2025 if inflation continues to ease.
indicators tracked by Smith Leonard Report during April/May The increased new orders for the first four months of
2024 compared to recent months. However, its monthly stats 2024 will hopefully drive strong shipments through the
and national data shows the furniture industry continuing remainder of the summer into the fall, when help could be
to hold its own in the face of headwinds from consumer on the way in the form of initial interest rate cuts, increased
confidence, housing, interest rates, and inflation. housing activity, lower container rates, and improvements

Meanwhile, ocean container rates are again on the rise in consumer confidence as life returns to ‘normal’ post-
with TD Cowen reporting a 94 percent increase in spot rates election cycle.

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SEPTEMBER 2024

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